Retail and hospitality: new controls and windows into the future

You no longer need a crystal ball to create far-reaching business plans; as technology has made business control, predictive analysis, and trend mapping into a science.

How is this possible, and how can smaller companies harness all this potential when they are in competition with larger organisations, with deeper pockets?

Consumers are more sophisticated and shop around

Business growth opportunities in the retail and hospitality sector are largely driven by keeping ahead of customer needs and desires. Yet modern consumers are more demanding – and fickle – than ever before. Potentially making the task of mapping future trends seem much harder!

Technology has provided consumers with readily available tools to search, buy and share opinions. Even physical retailers and hospitality outlets need a strong digital presence to grab their attention. Consumers also have shorter attention spans; plus the era of austerity means “shopping around” is crucial, as well as fun.

How do you cut through all this, for sustainable business growth?

Tools and methods to map buying patterns

Fortunately, rapidly advancing technology has not only empowered consumers but also provided retail and hospitality companies with the tools they need to understand themselves – and their customers – much better. These cover not just improved sales and marketing effectiveness, but also tighter financial control.

New technology and advanced analytic skills have made it possible to collect and sort vast amounts of drilled down data, including far superior information on consumer behaviour. This can include not just what they buy, but also why, and what their preferences may be in the future.

Is this sort of data intelligence only available to the big global brands, who are building sophisticated customer experience models and AI-drive automation on the back of it? Absolutely not! Consumer data is equally valuable to smaller enterprises, once you know how to use it or when you outsource to data-competent agencies.

For example, detailed analytics from your website can show user experience and lead conversion. The potential is now there to smoothly integrate this with data that charts physical interactions with your customers too. This streamlining of virtual and real consumer behaviour data is helping to develop new “clicks and bricks” retailing opportunities. At the very least, new data integration voids “silos” of information, when the sales team’s activities have little or no day-to-day relationship to service or product delivery.

In fact, the most successful companies using data as “growth rocket fuel”, are the ones that fully understand its pervasive nature. Data analysis and mapping are no longer the remit of the IT team, or only of interest to the sales department. They are company-wide imperatives, especially in the financial management of your organisation.

Business control and predictive analysis

This is where smaller companies can really take on the “big players”. One of the ways in which technology has created exciting new growth opportunities is by making financial management and planning far more assured and transparent.

At one time, Finance and Accountancy teams and agencies were primarily focused on compliance. They were viewed as a specialist business function, to be referred to “as and when necessary”. The new era of accountancy has seen it come out of a corner office, to take a seat in the board room!

Modern software and cloud services have automated many of the financial management and accountancy processes, freeing professions to develop their role. Moving away from repetitive “number crunching” has given them more time to explore the new data-riches available.

From this, comes end to end transparency in how cash flows through organisations. Forensic analysis of data has reached new levels of detail, but also integration. For example, it is possible to draw off information to measure any point of a company’s business operations. Then, you can analyse such things as the interrelationship between inventory lifecycle, staff productivity and actual sales achieved.

In the right hands, financial data is the bedrock of growth planning. Not only can companies see where they have been more clearly, but they can also see into the future. If you can marry new customer insights, to your new financial predictive analysis, it is a powerful combination!

Predictive analysis helps companies to make business decisions that avoid waste or undue risk and place greater emphasis on developments that have financial evidence to support them.

Unlock this potential

If this sounds overwhelming, then it’s time to contact Virgate Accounts. We will get to know your business thoroughly and can handle day to day financial tasks. However, we can also be part of business growth planning, for a sustainable future.

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Enabled us to run a multi-million pound business without having to worry about the financial side

We worked with Sarah for a number of years and were delighted that she was running our account. The timely flow of accurate key financial data enabled us to run a multi-million pound business without having to worry about the financial side and freed us up to focus on the business and make decisions based on solid fact.

For us Sarah’s key attributes were diligence, accuracy and a friendly and open approach. I believe her financial skills and her positive attitude make her an ideal partner for anyone looking to free themselves up to run their business.

Ted KennedyChairman at Pebble Hotels Ltd

Very good at what she does and a pleasure to deal with

Since starting my business I have used a well established Accountants, and switching to Virgate Accounts is the best thing I’ve ever done. Sarah is very informative and does everything possible to help me grow my business. She is very good at what she does and a pleasure to deal with!

Selina ThomasDirector of Selina’s Lettings Ltd

Sarah always delivered

As a General manager it was paramount that my monthly figures were produced on time and were accurate. Sarah always delivered on both points.

She was always prompt in replying to emails and calls and very supportive in being able to make suggestions on ways to improve the business from a “non-operational” point of view.

Working with Sarah was always a pleasure and I would not hesitate should the occasion arise to work with her again.

Alex FisherCo-Founder at Tasty Hospitality

A competent, knowledgeable and skilled finance professional

Sarah is a competent, knowledgeable and skilled finance professional. She offered sound advice and guidance and provided many solutions for us when delivering monthly P&L accounts or preparing yearly budgets.

Sarah is helpful, polite, approachable and frequently went beyond her remit to assist our business, always being on hand and frequently travelling 8 hour return journeys for short meetings! Would strongly recommend Sarah as a capable finance consultant for any size business and hope to work with her again in the future.

Alex PoynterGeneral Manager at Premium Country Pubs

Always available to answer any questions I have

9 months ago I began working with Sarah and have been extremely impressed by the excellent service I have received. She is always available to answer any questions I have and is so personable and easy to work with. I have been very happy with the way she has managed our accounts, not rushing to complete them a few days before they are due which has really taken a weight off our shoulders.

Nick BarnesManaging Director of Gloucester Furniture

Sarah has taken the stress completely away from us

Sarah has been doing our accounts for almost a year now and she is excellent, always on the end of the phone or email. She has taken the stress completely away from us, we can’t thank her enough.

Sharon HouseDirector of LJ House Construction Ltd

She takes the hassle, headaches and panic out of accounting

The service that Sarah provides is absolutely invaluable. She takes the hassle, headaches and panic out of accounting. She removes a lot of the confusion and stress and leaves me to do what I need to do, which is focus on my clients. Her service is second to none and I have every confidence in everything she does for me, which is reassuring when we’re talking about money and tax and government. I would recommend Sarah to anyone.

Steph ThomasOwner at Creating Bookings

She has always provided an excellent level of information

We have worked with Sarah both indirectly and directly over the last 6 years. She has always provided an excellent level of timely and accurate accounting and management information for the two restaurant businesses we have worked with her on. I would highly recommend her.

Chris CurryManaging Partner at Piper Private Equity

The complete package to managing the financial side of our business

Sarah has provided us with the complete package to managing the financial side of our business confidently and thoroughly. She has been on hand to provide advice on a number of elements of our business from business rates to payroll. Using such hassle-free software like Receiptbank has meant that we are able to submit invoices and receipts to Sarah and her team using our phones and via email – this has really been so tailored to the way we run our business.

Lee PriceDirector of Gloucester Vapes Ltd

The tax advice Sarah has given me has been so invaluable

The tax advice Sarah has given me has been so invaluable to running a profitable and competitive business. Sarah is able to be the friendly and approachable person I’ve needed but has not compromised on her ability to tell me things the way they are.

Marie HouseOwner at Mez-Mer-Eyez

It was so beneficial to be able to meet in person with her on a regular basis

Sarah managed the accounts for the three hotels I co-owned. It was so beneficial to be able to meet in person with her on a regular basis to discuss and review what was going on with the financial side of my business.

Ziya AkguneyliManaging Partner at Practical Choice Partnership

The work Sarah has done has been so integral to the health of my business

Sarah has been an invaluable tool for the growth and success of my business. I know I can depend on her to always be at the end of the phone any time of day to answer my questions and give me advice. Sarah joined Turtle Bay in 2015 and set up and managed a new finance team and implemented accounting software. The work Sarah has done has been so integral to the health of my business and I would wholeheartedly recommend her to others.

Ajith JayawickremaFounder of Turtle Bay Restaurants Ltd

A fraction of the cost of having full time in house finance staff

We had been using in house finance staff for years and were not getting management accounts on time. Having spoken to other companies and businesses we realised that we were not abreast of current best practices and what other facilities were out in the market place. One of our business mentors said we should consider using Virgate Accounts as he had worked closely with them on some of his other business, and he effected an introduction.

The team at Virgate have put in place an accounting and inventory system (Xero and Unleashed) that allows us to see everything in real time. Whilst it’s still early days we have already seen benefits in cutting out huge amounts of paperwork and the handling of it, knowing exactly who owes us what and when, and what we owe and when. Large savings have been made which has helped our cash flow by discovering inaccuracies in the old way we were doing things. It is clear we will become much more efficient, have an accurate handle on our accounts, and free up time to concentrate on growing the business.

We already have and would continue to recommend Virgate to other businesses. The team is friendly, dynamic, efficient and works with you for the benefit of your business and a fraction of the cost of having full time in house finance staff.

Jamie RobbManaging Director at Marlborough Tiles Ltd

Their response time is excellent

Whilst we have only been with Virgate for a couple of months, I am already seeing huge benefits to our business.

The transition process was very smooth, with Virgate taking on the responsibility of communicating with the out-going providers, HMRC and suppliers.

Virgate’s accounting systems are vastly better than anything I had seen before, a high level of electronic processing and automation, allowing more time for both parties to analyse the numbers and use the data pro-actively. Virgate’s package encompasses many weekly/monthly tasks that I would do myself giving me much more time to focus my attention on other activities within the business, a more better use of my time.

Their response time is excellent, there is always someone at the end of the phone that can help or they will get back to you as soon as possible – I will often send emails in the evenings or at weekends, and I often get a response even then!!

Whilst it is early days and much of our time is currently sorting out practical issues, I’m looking forward to working closely with Virgate, using their knowledge and experience of our industry to help drive our business forward over the next few years.

I would highly recommend Virgate Accounts for anyone seeking accountancy and payroll services.

Claire DaviesDirector at The Red Lion (Arlingham) Ltd

They put in place suitable financial management to take the business forward as we grow

We were recommended to use Virgate Accounts and we are pleased we did! Very fast response times, flexible, easy to work with. They helped us sort out our financial management and take it forward to the level we need as we grow.

Their costs are reasonable and you get a very personal service from the people at Virgate – above all, they are not an impersonal bureaucracy like some accountants.

Phillip OppenheimManaging Director at Cubana Bar & Restaurants

They regularly provide us with clear advice and information

We chose Virgate Accounts as they were highly recommended by Petticoat Management Services.

They have helped us enormously since the moment we started working with them. They regularly provide us with clear advice and information and it allows us to run a business without the worry. They helped us change over from a sole trader to a Ltd business which was smooth and hassle free as well as providing a great breakdown report each month of our sales and cash flow.

We would definitely recommend Virgate Accounts to other businesses as the service they provide is invaluable and hassle free. They are always quick to respond to any queries and they are very friendly. Plus it doesn’t cost the earth!

Dan TaylorDirector at Chosen Fire Protection Ltd

They’ve put together forecasts, projections and a solid investment pack

Virgate have helped the directors gain a deeper understanding of the financial picture of the business. They’ve implemented systems with the management team which are leading to greater efficiency and will hopefully improve profitability. They’ve put together forecasts, projections and a solid investment pack.

Their communication is excellent, and this is really important to us. They’re always there if we need them. They’re happy to explain things to us with patience and clarity. They’re a positive but realistic bunch who provide us with accurate information so that we can make business decisions with confidence. We are very happy with the service and would recommend Virgate to other business owners.

Sidonie WarrenFounder at Papersmiths

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